We sat down with Monica Goyal, Lawyer and Director of Legal Innovation at Caravel Law, to talk about MyCaravelBackpack, the firm’s newest tech-enabled legal solution for new businesses.
For entrepreneurs, starting a new venture can be one of the most exciting experiences of their careers.
But it can also be overwhelming, especially when it comes to setting up their business and ensuring they have all the proper legal documentation in place.
New business owners are often unsure of what legal documents they need, and they’re also hesitant to spend what little capital they have to acquire them. This means they often forego a lot of critical legal documentation for their business, setting them up for risks down the road.
A tech-enabled legal solution
In our experience, these challenges are incredibly common for start-ups. So we wanted to create a digital legal solution that would provide new businesses with an affordable legal solution to help them hit the ground running.
Our offering is MyCaravelBackpack, the ultimate legal package for entrepreneurs that includes the legal documentation they’ll require for one low fee. Using this fixed price solution, clients get a host of legal documents and legal consultation at a time when they need the most support and guidance.
We spent over five months working on redesigning our methodology for incorporating and authoring agreements for companies. This process involved research, process mapping, and then implementation using document and workflow automation.
Through our research, we were able to determine which documents would be the most beneficial to our clients. MyCaravelBackpack includes:
- Federal/Provincial Incorporation
- Digital Minute Book
- Corporation Organization
- One-way NDA and Mutual NDA
- Customized Shareholders’ Agreement
- Master Service Agreement Template
- Consulting Agreement Template
- Legal consultation with an experienced lawyer from Caravel Law
An alternative to the DIY legal model
The burgeoning low-cost DIY legal model seems like an attractive option for many new business owners.
But this cost savings can also come with potentially serious drawbacks. Depending on the specifics of your business, not every business will be legally covered by the documents produced by these automated incorporation platforms. And unfortunately, most DIY legal software won’t be able to tell you whether or not your business is a good candidate.
MyCaravelBackpack provides a more robust alternative to the digital do-it-yourself model. Our team of more than 60 qualified lawyers brings a depth of experience across all areas of practice. We create efficiencies by combining their experience with the technological benefits of document and workflow automation and pass those cost savings onto our clients through one fixed fee.
The benefits of an all-in-one legal package
There are many advantages to having all your legal documentation in place as soon as your business is up and running.
One of these benefits is the peace of mind that comes with knowing you have the legal paperwork you need to run your business effectively from the get-go. This means you don’t have to have each document processed on a piecemeal basis in the future, saving you considerable time and money.
What’s more, having these legal documents prepared right away can help protect the business legally from issues down the road, especially shareholders’ disagreements. Without these documents in place, legal fees can easily eat into a company’s profits.
And if you’re looking to take on outside capital, having these completed documents in place will make your business look professional and attractive to potential investors.
Our digital offering also streamlines and defines processes and automates workflows which means our lawyers can work more quickly, resulting in cost savings through our fixed-fee model. It also reduces paperwork, which makes it a more eco-friendly option as well as reducing the headache of filing and searching for documents.
Caravel Law is an alternative legal firm with over 60 qualified and experienced lawyers to help support your legal needs. Get in touch with our team today to find out more.
The information provided in this article is not intended to be legal advice. Many factors unknown to us may affect the applicability of this content to your particular circumstances.